USA is Top Investor in Kenya with $748M FDI in 2023

According to a report released by Ernst & Young (EY) Kenya, the USA is the top investor country in Kenya. In 2023, the FDI from US into Kenya reached USD 748 million, covering 14 projects and creating 3,764 direct jobs.

In total, Kenya benefitted from USD 2 billion in #FDI during 2023. As a result, 7,819 jobs were generated across 63 projects. The investments were funneled into a variety of sectors, including manufacturing, warehousing, transport, warehousing, technology and #GreenEnergy.

The recent lifting of a nearly two-year ban on Independent Power Producers (#IPP) has stimulated new interest in renewable energy projects. Other than the solar and hydro, Kenya is also blessed with geothermal energy.

At #COP27 in Glasgow and #COP28 in Dubai, Kenya has been promoting it ambitious #EnergyTransition program to convert its energy mix to 100% renewable. Thus, Germany recently agreed to support Kenya’s plan by contributing EUR 112 million for green energy and hydrogen (#GH2) projects.

“Moderna literally gave the Kenyan economy a booster shot by investing $500M in a vaccine production facility in Nairobi.”

It is worth highlighting that the largest US investment is in pharma. As a matter of fact, Moderna is investing nearly half a billion dollars to setup a state-of-the-art facility to produce #mRNA vaccines in Nairobi.

Officials from both sides highlighted that the positive outcome follows from the US-Kenya Strategic Trade and Investment Partnership (#STIP) launched in July 2022 by USTR Katherine Tai and Kenyan Trade Cabinet Secretary Betty Maina. Then, the Presidents of both countries met during the US-Africa Leaders Summit in December 2022 (#UALS2) to add impetus to the partnership.